Washington these days is a much less Republican place than it used to be. The November elections tossed thousands of jobs in the White House and Congress to the Democrats, as well as top political appointments and most of the plum lobbying jobs. The cooled-off economy, and people's natural inclination to fund winners, also dried up many jobs at the Republican national committee and right-leaning think tanks.

But for three days this week the city will be overrun with conservatives – from young Republicans to seasoned politicos, all carrying their trademark red, white and blue tote bags. They will meet at the Omni Shoreham hotel for the 36th annual Conservative Political Action Conference – CPAC for short.

The event is hosted by David Keene's American Conservative Union, but it is much bigger than any one organization. Speakers this year include most of the Republican leadership on Capitol Hill, as well as Tucker Carlson and Samuel Joseph Wurzelbacher (aka Joe the Plumber). The UK denied the Dutch MP and controversial documentarian Geert Wilders entry in deference to Muslim sensitivities – but it's likely he'll find an audience at CPAC.

Even the blonde bomb-throwing pundette Ann Coulter is set to make a return appearance. She got herself banned two years ago by insinuating that John Edwards was a "faggot" in her speech and then predicting the huge fallout that that remark would cause. Rumour has it she's agreed to behave herself this time.

CPAC is not cheap. Full registration at the door will cost $750 on top of travel and lodging. More affordable packages are available, but it's still a considerable cost to many of the people who attend. Why do they come?

They come for many reasons, from tourism to idealism to job-seeking. They return because CPAC is an event where things happen. In 2007, it functioned as the activist conservatives' presidential caucus. Former Massachusetts governor Mitt Romney won it, narrowly, by bringing in busloads of supporters. Last year, CPAC provided the venue for Romney's withdrawal from the race, making Arizona senator John McCain the de facto nominee.

This year's CPAC opens with the Republican party greatly reduced in numbers, facing a popular and bold new president. Many of the titles of the panels – from "Al Franken and Acorn: How liberals are destroying the American election system" to "Will Obama's tax policy kill entrepreneurship?" – reflect fears of what might happen in the next few years.

As for rethinking the Republican approach to governance, the title of a Thursday panel says it best: "The key to victory? Listen to conservatives." Several critics on the right and left have argued that CPAC is, in effect, one big conservative cocoon that doesn't allow any new ideas to enter. And while there is considerable debate at CPAC on a whole range of issues, the critics have a point. At last year's CPAC many participants waited up all night to attend a speech by George Bush. After he had finished, they unveiled an eerie chant: "Four more years! Four more years!" Not exactly a call for fresh political thought.